I don't think the party is over. You still have positive demand and supply constraints.

The relatively high inventory levels are providing some cushion to the market, but of course demand is rising in the U.S.. We are in a more comfortable situation than a few months ago, but the structural problems this market has haven't gone away.

We believe the recent demand pullback is mostly a short-run response to a price spike, not a long-run shift in consumption patterns.

The attacks are a concern given Nigeria's importance as an oil-producing nation. It's a factor that will keep prices supported.

I agree that growth in production capacity this year will be a bit higher than demand growth. Still, the IEA always tends to be over-optimistic in terms of non-OPEC supply growth.

It's been a very warm winter in the U.S., so prices are pressed to fall as inventories build and demand slows down. I agree that growth in production capacity this year will be a bit higher than demand growth.